India's ONGC set to take over operatorship of two Venezuelan oil projects from PDVSA

India's Oil and Natural Gas Corporation (ONGC), through its overseas arm ONGC Videsh, is preparing to sign new agreements to take over operatorship of two oil projects in Venezuela from state owned PDVSA. According to an exclusive Reuters report published Wednesday, 14 Mordad 1405 (5 August 2026), ONGC Finance Director Anupam Agarwal said on the company's June quarter earnings call that it now has "full freedom" to pursue Venezuela opportunities after sanctions related constraints eased. ONGC Videsh currently holds a 40% stake in the San Cristobal oil field and, with other Indian firms, an 18% interest in the Carabobo-1 heavy oil project.

According to Kpler data cited by Bloomberg, Venezuela's crude exports fell 25% in July from the prior month to about 856,000 barrels per day, after shipments to India were roughly halved from June as improving Middle East oil supply reduced Asian demand for discounted Venezuelan barrels.